Spotlight on Chevron: Analyzing the Surge in Options Activity

Investors with a lot of money to spend have taken a bullish stance on Chevron CVX.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with CVX, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 12 uncommon options trades for Chevron.

This isn't normal.

The overall sentiment of these big-money traders is split between 50% bullish and 41%, bearish.

Out of all of the special options we uncovered, 6 are puts, for a total amount of $1,593,199, and 6 are calls, for a total amount of $996,138.

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Expected Price Movements

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $130.0 to $170.0 for Chevron over the last 3 months.

Analyzing Volume & Open Interest

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Chevron's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Chevron's significant trades, within a strike price range of $130.0 to $170.0, over the past month.

Chevron Option Activity Analysis: Last 30 Days

Biggest Options Spotted:

About Chevron

Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.0 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.7 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2024 stood at 9.8 billion barrels of oil equivalent, including 5.1 billion barrels of liquids and 28.4 trillion cubic feet of natural gas.

Following our analysis of the options activities associated with Chevron, we pivot to a closer look at the company's own performance.

Current Position of Chevron

• With a volume of 6,179,253, the price of CVX is down -1.11% at $135.74.
• RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
• Next earnings are expected to be released in 72 days.

What Analysts Are Saying About Chevron

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $152.0.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from HSBC has revised its rating downward to Hold, adjusting the price target to $158. * Maintaining their stance, an analyst from Piper Sandler continues to hold a Overweight rating for Chevron, targeting a price of $162. * Maintaining their stance, an analyst from Wells Fargo continues to hold a Overweight rating for Chevron, targeting a price of $164. * In a cautious move, an analyst from Barclays downgraded its rating to Equal-Weight, setting a price target of $152. * An analyst from Redburn Atlantic downgraded its action to Sell with a price target of $124.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Chevron options trades with real-time alerts from Benzinga Pro.